OPPORTUNITY SEEKING,

SCREENING, AND SEIZING

CHAPTER 2
 2.1 Opportunity Seeking
• Entrepreneurs are innovative opportunity seekers.
They have endless curiosity to discover new or
different ideas and see whether these ideas will work
in the marketplace.
• Entrepreneurs create values by introducing new
products or services or finding better ways to
making them. This may includes innovation in
terms of product designs or additional of new
products features to existing ones.
 Entrepreneurial Mind Frame. Heart Flame,
and Gut Game
• The Entrepreneurial mind frame – allows the
entrepreneur to see things in a very positive
and optimistic light in the midst of crisis or
difficult situation.
• In there is one commonality between an
inventor and an entrepreneur, it is their surging
passion of the Entrepreneurial heart flame.
Driven by passion, they are drawn to find
fulfillment in the act and process of discovery.
• Passion is the great desire to attain a vision of fulfil
a mission. Despite several setbacks or
disappointments, the entrepreneur is not easily
disheartened, but is rather driven to perseveres
even more.
• The heart flame is also about emotional
intelligence or EQ, which is often manifested in the
entrepreneur’s efforts to nurture relationships
with customers, employees, and suppliers.
• The final ingredient is the Entrepreneurial gut
game. – this refers to the ability of the
entrepreneur to sense without using the five
senses. This is known as intuition.
• The gut game also connotes courage or, in the
local dialect, “lakas ng loob”.
The Many Sources of Opportunity
• There are many ways to uncover or discover
opportunities. Some have to do with looking
at the big pictures and noticing emerging
trends and patterns. Other have to do with
finding out what specific customer segments
are being targeted in the marketplace, Still
others come from new technologies and new
knowledge.
 Marco Environmental Sources of
Opportunities
1. Socio-Cultural Environment
2. Political Environment
3. Economical Environment
4. Ecological Environment
5. Technological Environment
 Socio-Cultural Environment

• Includes the demographics

and cultural dimensions that
governs the relevant
entrepreneurial endeavor.
 Political Environment
• Defines the governance system of the
country of the local area of business. It
includes all the laws, rules, and
regulations that govern business
practices as well as the permits
approvals, and licenses necessary to
operate the business.
 Economical Environment
• Supply and demand forces mainly
drive the macro economic
environment. They are the factors
that drive the interest and foreign
exchange rates that fluctuate with
the movement of the market forces.
 Ecological Environment

• Includes all natural resources

and the ecosystem, habitant as
smoke and spill detectors,
filters and screens, pollution
counters, and energy saving
devices.
 Technological Environment
• New technological discoveries, which
often lead to the launch and
commercialization of new products
with superior attributes or to
rendering the old ones obsolete, are
the entrepreneur’s nightmares.
Industry Sources of Opportunities
Participants in an industry include:
1. Rival or competitors in a particular types of business. True
rivals or competitors are those competing for the same or
similar markets
2. Suppliers of input to rivals as well as suppliers of machinery
and equipment, suppliers of manpower and expertise, and
supplies of merchandise
3. Consumer market segments being served by rivals or
competitors
4. Substitute products or service, which customers shift or turn
to
5. All other support and enabling industries
 Market Sources of Opportunities
• The entrepreneur must also be able to
measure the actual demand and supply as
well as the potential demand and supple of
the industry that enterprise belongs to.
• Market sources of opportunities can be
discovered from increased or decreased
demand as well as higher or lower supply.
 Example…..

• The battle of the value/combo

meals, otherwise known as
“more-for-less” strategy in the
fast food restaurant industry.
 Micromarket
• Refers to the specific target market segment
of a particular enterprise.
• These are the target customers that represent
the immediate customers of an enterprise,
meaning those who are currently buying the
goods or services offered by the enterprise
and its direct competitors.
• The need for segmentation would be crucial in
micromarket analysis because the definition of
value for money diggers from group to group.
• E.g. > the Makati office crowd has several
choices where to eat. Observing the bejavior
of customers during lunch would indicate
what groups of customers prefer fast food
establishments,
 Other Sources of Opportunities

As an opportunity seeker, the

entrepreneur will surely discover
other sources of opportunities.
Unexpected successes (or failures)
can leas to good opportunities.
 Other Sources of Opportunities
1. Customer preferences change over time
2. People’s tastes in clothes, music, shoes,
entertainment, dance, sports, hobbies, and even
careers have evolved over the years
3. What piques customers is a great source of
opportunities
4. Before the customers is won over, there is first a
battle for the mind. Next, there is a battle for
the heart. Finally, there is a battle for the wallet.
5. The longer the customer wants to use the product, the greater the chances
of creating lasting loyalty.
6. Opportunities abound in shaping consumer perceptions or occupying spaces
in their minds or places in their hearts that have not yet been filled.
7. New inventions, new systems and work processes, new insights about the
human psyche, new applications for old knowledge, new revelations about how
the physical world works, new interpretations, new combinations based on the
convergence of previous technologies, new outlooks about how it should be
led, and host of other new things are tremendous sources of opportunities,
8. Determining personal preferences and competencies lay the foundation for a
new business venture.
9. Unexpected occurrences in both the external and internal environment of
the enterprise indicate that significant changes are happening and
opportunities are sprouting.